Macomics raises £4.24m expansion cash and unveils top C-level hires
Macomics Ltd, an immuno-oncology company with world-leading expertise in macrophage biology, has closed a follow-on financing of £4.24 million from its 2020 seed round, bringing the total amount raised to £7.44m.
Founded in Edinburgh, the company is prominent in Cambridge.
The additional investment brings in new investor Caribou Property Limited alongside existing investors Epidarex Capital, who led the round, and Scottish Enterprise. It will be used to accelerate the company’s growth, including expansion of the team.
Macomics is developing precision medicines to modulate macrophages for the treatment of cancer. The company was co-founded in 2019 by Prof Jeffrey Pollard and Dr Luca Cassetta, University of Edinburgh, internationally recognised leaders in macrophage biology
It is progressing a diversified portfolio of therapies targeting disease specific tumour associated macrophages (‘TAMs’) towards the clinic. Its target discovery platform enables identification and validation of novel macrophage therapeutic targets and is based on its deep understanding of macrophage biology.
The new investment and planned Series A will enable the company to accelerate progress of its antibody programs towards the clinic, expand its portfolio, and further invest in its target discovery technology.
Cancer cells are known to be able to evade destruction by the immune system and TAMs are a key component of this immuno-suppressive and pro-tumoral ecosystem.
Modulating TAMs will alter the tumour microenvironment enhancing the body’s ability to fight cancer. The tumour microenvironment changes macrophage behaviour, and the company is exploiting disease specific TAM biology to selectively target these immunosuppressive cells.
Alongside the financing, the company announces the expansion of its leadership team with the appointment of Dr Steve Myatt as CEO, Dr Ries as CSO as well as Dr Luca Cassetta who will join as VP Immunology on August 1.
Dr Myatt said: “Macomics has made great progress since formation and I am excited to lead Macomics in driving forward its vision to become a leading immuno-oncology company pioneering macrophage-based therapies for the treatment of cancer.
“Our diversified portfolio of antibody programs combined with our proprietary target identification approach and world-class team uniquely positions us to deliver on this vision.”
Dr Carola Ries, who joins after 16 years at Roche added: “It is an exciting time to be joining Macomics. In recognising disease specific TAM populations Macomics is taking a new approach to macrophage-based drug discovery, one that I believe has potential to deliver significant benefit to patients.
“By combining analysis of human disease tissue, in silico data mining, and functional data from our state-of-the-art cellular models we are well placed to identify and validate new drug targets in diseases where macrophages play a central role. I look forward to applying my extensive industry experience gained at Roche to driving our programs towards the clinic.”